INTERNATIONAL FLAVORS & FRAGRANCES INC (IFF) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that INTERNATIONAL FLAVORS & FRAGRANCES INC surfaced in its latest filing.

• In 2025, our 25 largest customers, a majority of which were multinational consumer products companies, collectively accounted for approximately 32% of our sales.2025
• Based on fiscal-year 2025 sales, we had approximately 20,000 customers, approximately 69% of which are small and mid-sized companies.fiscal-year 2025
• We are evaluating strategic alternatives for our Food Ingredients segment.
• Ongoing antitrust and competition investigations and related class action lawsuits in the U.S. and Canada alleging antitrust violations by us and certain competitors.
• Approximately 72% of combined net sales in 2025 were to customers outside the U.S.2025
• As of December 31, 2025, we had $14.3 billion of intangible assets and goodwill, primarily arising from the acquisitions of Frutarom and N&B.December 31, 2025
• Effective January 1, 2025, our Nourish segment was restructured into two newly designated operating segments and reporting units: Taste and Food Ingredients.January 1, 2025
• We recorded an impairment charge of $1.153 billion within the Food Ingredients operating segment as a result of the change in the Company’s segments during the year ended December 31, 2025.December 31, 2025
• In February 2024 we announced an updated dividend policy reducing the expected quarterly dividend by approximately 50% to enable faster deleveraging and provide improved financial flexibility.February 2024
• As of December 31, 2025, total debt was approximately $5.994 billion.December 31, 2025
• The 2021 N&B Transaction was a Reverse Morris Trust treated as tax-free for U.S. federal income tax purposes by Dupont, supported by an opinion of counsel that it qualified as a tax-free reorganization.2021
• Under the Tax Matters Agreement, IFF and N&B must indemnify Dupont for taxes from a Spinco Tainting Act, which includes actions within our control, events involving our stock or N&B's assets, or breaches of representations, that affect non-recognition treatment.